While digitization has increased convenience and rate of operations in various industries, it also exposes your systems to cyber threats. Advice practices in financial technology are particularly at risk. Such firms manage large sums of client capital which lures the cyber attackers in.
As a Fintech company, the safety of your client’s money is paramount. Regardless of how well you serve, unless you can ensure the security of funds your clients can be easily attacked.
Recently an advice practice had to pay $750,000 as damages to their client. The practice was accused of not protecting sensitive and confidential client information from hackers.
It is not possible to arrest every cyber attacker in the world. But as a company, you can implement some security measures to keep such hackers off your back.
Manage your Passwords Efficiently
If you have simple passwords, hackers can break through them as simply.
Also, never repeat the same password for multiple sites. In the scenario of one site getting compromised, you risk losing other sites as well.
This is where a password manager is important. The manager requires a master password. You can also store other passwords in the manager.
Double up on the Authentication Process
To gain access to any of your systems, implement the 2FA (Two-Factor Authentication). Instead of typing the password alone, you will also need to verify your identity through email or text message.
This added step will not only make hacking harder, it will also notify the designated person about any login activity.
Prioritize Client Portals over Emails
Never share confidential data over email.
Cyber criminals use phishing tactics to siphon off sensitive information. They do so by sharing emails that seem to come from a trustable source.
Instead, invest in a safe client portal that is password-protected. It may not be a hundred per cent safe, but it is much more secure than email.
Prioritize Cloud-based Storage to Local Storage
Cloud storage has many benefits to offer. With the Cloud services you can easily share data online. Moreover, the platform gets regular updates on its security setup.
When deciding to use Cloud storage, find out where its servers are. Different countries have different cyber rules which could offer more protection to your data.
Protect Software Providers and Suppliers
In the field of business, nothing happens in isolation.
While you work on the security of your firm and your client’s, review the safety status of your suppliers and providers.
Recommend good cyber safety software to your suppliers. Also, ensure that they are not using free ones, as those are not effective.
The article has been published by the editorial board of the Fintek Diary. For more information please visit www.fintekdiary.com
